Aditya Birla Money is bullish on Reliance MediaWorks and has recommended buy rating on the stock with a target of Rs 245/246 in its September 20, 2010 research report.

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Aditya Birla Money is bullish on Reliance MediaWorks and has recommended buy rating on the stock with a target of Rs 245/246 in its September 20, 2010 research report.

“Reliance MediaWorks holding multiple moving averages support has very recently breached the supply line on good volumes. These possibly suggest the change in polarity for the stock from the current downtrend to a possible uptrend. Holding important support and breaching crucial resistance the stock has produced a bullish inverted head and shoulder pattern with neckline been placed at Rs 215.25 levels and the depth of the pattern being 30 points. Inverted head and shoulder pattern are bullish trend reversal pattern which indicates post breakout the possible target for the scrip should be nothing less than the depth of the pattern, which gives us a minimum target of Rs 246 for the scrip.”

“RSI has broken out of falling trend line resistance and has entered into bullish territory for the first time post May 2010 also MACD and stochastic has given a positive crossover right at oversold levels. We suggest buying Reliance Media work above yesterday’s high of Rs 218.25 with a closing stop-loss of Rs 207 for a possible target of Rs 245/46 levels,” says Aditya Birla Money research report.

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